Preheat oven to 350°F. Place a long piece of aluminum foil across a baking sheet vertically then another horizontally, creating a large T.

Using a serrated knife, cut 1-inch slices being sure not to cut all the way through. Turn bread a quarter turn and cut 1-inch slices across the first slices, again not slicing through the bottom of the bread and forming a grid. Place the cut bread onto the center of the baking sheet.

In a large bowl, whisk together melted butter and dry ranch dressing until well combined. Toss 2/3 of crumbled bacon, 1 cup cheddar cheese and the jalapeño pepper. Spoon the mixture into the cut portions of the bread. Wrap the bread loosely in the foil.

Bake in preheated oven for 30 minutes. Fold back foil to expose the top of the bread. Sprinkle with remaining bacon and cheddar cheese. Continue baking 10 minutes longer until cheese has melted. Sprinkle with chopped parsley and serve immediately.